Phils completes well received tap

Republic enters euro-denominated bond market to re-finance deal maturing in September.

The Republic of the Philippines created a more liquid euro-denominated benchmark yesterday Tuesday, adding a further Eu350 million to its Eu300 million 9.125% February 2010 bond. Under the lead management of Credit Suisse First Boston and Deutsche Bank, the Ba2BB rated credit also managed to secure its most aggressive pricing so far this year, completing the deal at a 1% discount to secondary levels.

The tap was priced at 103.25% to yield 8.35%. At...

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